Total interested in exploring Saudi petrol station market with Aramco

Reuters Staff

2 Min Read

PARIS/RIYADH (Reuters) - French oil and gas major Total (TOTF.PA) said on Wednesday it was interested in Saudi Arabia’s petrol station market and had signed a memorandum of understanding (MoU) with state energy giant Saudi Aramco to look at options.

The logo of French oil giant Total is pictured at its first gas station in Mexico City, Mexico January 25, 2018. REUTERS/Daniel Becerril

The MoU was signed on April 10 during a visit by Saudi Crown Prince Mohammed bin Salman to Paris, a spokesman said, a trip that saw the signing of preliminary agreements with French companies including Total worth about $12 billion.

The spokesman declined to give further details.

FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed

Total and Aramco are considering the joint acquisition of petrol station operators in Saudi Arabia, two sources familiar with the matter told Reuters.

One of the sources said a deal worth between 2 billion and 3 billion riyal (573.4 million pounds) was being discussed.